DOMINION BOULEVARD CORRIDOR STUDY | Chesapeake, Virginia
6 | Summary
Summary | 7
The Master Plan “sets the table” physically and philosophically to accomplish these
requirements. It provides places for fostering an innovative business climate, and promotes
new land uses, development patterns and infrastructure that will lead to a great quality of
life. The project’s location next to the Tidewater Community College has the potential to
contribute to creating a skilled and educated workforce – assuming that its curriculum is in
alignment with the City’s vision.
However, the master plan is only one part of a successful implementation plan. Important
to the success of its implementation will be the cooperation and collaboration that can be
fostered and obtained between city government and contributing businesses; the various
governmental agencies that will have ongoing responsibility to execute the master plan;
city government with contributing institutional players such as the regional hospital and
community college; and city government and property developers. As described in the
BBNA Community and Economic Development Plan Guidebook, creating a forward looking
and healthy economy that fosters economics, environment and culture requires innovative
thinking, new attitudes, effective leadership and collaborative approaches.
Funding Sources and Community Strategies
Developing potential funding strategies is critical to creating a realistic and achievable
plan for the Dominion Boulevard Corridor. Below are potential funding sources that are
appropriate for the Study Area.
Public Financing Alternatives:
tax increment financing, which would provide the
necessary gap financing to make redevelopment possible as determined by the
market assessment, but allowing tax revenues to be deferred to support bonds to build
infrastructure on the corridor.
Financial Incentives:
public financing tools, such as TIF, business improvement districts,
public investment fees, and others that will enable the city to direct proceeds from
development into revitalization projects.
Joint Public/Private Development Opportunities:
use of publicly owned land,
contribution of the land and/or low-cost financing to make the development feasible for
private developers.
Public Investment:
capital projects (e.g., streetscape improvements, utlities, parks, or
other community facilities) or operations and maintenance efforts that may improve the
attractiveness and marketability of a corridor segment.
Local Incentives:
land swaps and density bonuses.
State Programs:
grants and other types of incentives to create jobs.
Other Strategies:
• Develop excellent educational facilities to attract students
• Institute a beautification program
• .Improve infrastructure and ensure access to broad band technology
• .Develop tourism attractions and provide visitor information
• Provide technical assistance to businesses
• Provide business incubators
• Promote entrepreneurship
• Promote “cluster strategies”
Cluster Strategy
One method of enhancing implementation and attracting appropriate new industries would
be to adopt a cluster strategy similar to what’s being done in Portland, Oregon. As outlined
in the Portland Economic Development Strategy, their plan uses a cluster strategy as a way
to organize their efforts to attract, retain, and develop like-minded and synergistic firms and
businesses. The cluster strategy can be coordinated “in a manner that makes more efficient
use of resources and creates synergies in otherwise unrelated activities (e.g.; coordinated
training and research at local universities). In addition, in-depth knowledge of particular
sectors fuels catalytic initiatives that move business development efforts beyond traditional
assistance. A cluster strategy is especially critical for a market like Portland, where limited
resources require selective investments in the groups of firms that demonstrate the most
promise of growth”.
In addition to clustering, cities employ a variety of available financing tools and strategies
to develop and support the entrepreneurial culture and industry innovation that encourages
business attraction, development. An effective funding strategy according to research
conducted by the PEDS should provide:
• Reliable multi-year operating support for the key initiatives in the strategy, including
work supporting job growth in target industries and thriving small businesses, promoting
international trade; assisting small neighborhood businesses;
• A range of innovative debt products to finance the growth of existing businesses and
serve as incentives for attracting firms to the city;
• Investment capital for start-up and emerging businesses in target industries and those
identified through economic gardening;
• Strategic investment funds to jump-start new programs and facilitate collaboration
among existing programs, particularly for workforce development and research and
development initiatives;
• Financial incentives through regulations and policies designed to promote growth within
target industries and firms adopting sustainable business practices.
One study adapted from “How to Meet the Needs of Corporations in Locating New
Facilities,” by Allen R. Wood, Economic Development Review, Winter 1990” proposes 10
basic things economic developers can do to meet the needs of locating a new facility:
• Make sure community leaders are ready, willing and able to assist in attracting
prospective industries.
• Conduct periodic labor surveys to keep tabs on the labor supply.
• Have managers of local, existing industries meet with prospective industries to discuss
suitable wage rates, benefits, etc.
• Identify several good industrial sites that have good roads and utilities in place, or can
be developed quickly. .Have local technical colleges host tours of their facilities and
provide information on their services to prospective industries.
• Use state government resources for financial and technical assistance available to new
industry.
• Communicate with federal and state elected officials about issues affecting
development in the area.
• Have up-to-date community information, which presents pertinent data that a company
requires.
